110 16Th St, Costa Mesa, CA 92627

Property Details for 110 16Th St

Year built

1949

Property type

Warehouses

Property subtype

Industrial properties

Description

This exceptional Costa Mesa investment opportunity comprises three industrial buildings totaling 14,900 square feet on a 32,000 square foot lot. Located at 110-116-118 E 16th Street, 92627, this property boasts a coveted location near Newport Blvd, 17th Street, and the Pacific Coast Highway, offering easy freeway access. Currently 100% occupied with a mix of automotive-related tenants, including a high-end vintage car dealership and repair shops, the buildings feature 18-foot ceilings and a blend of functional office and warehouse space. Building 116 includes two professional-grade paint booths. The property is zoned for Light Industrial and Commercial Limited use, allowing for diverse applications. This is a rare opportunity within a designated Opportunity Zone, presenting potential tax advantages for investors. The existing buildings are suitable for owner-user occupancy, while the city's Specific Plan permits up to a four-story mixed-use development with a FAR of 1.0-1.25, potentially yielding 30,000-40,000 buildable square feet. Analysis suggests the potential for 18-36 residential units. The asking price is $9,999,000 ($671.07/SF, $3,333,000/unit), with a gross lease structure and a 1031 exchange option. This property is ideal for automotive uses, restaurants, redevelopment, investors, or owner-users seeking a prime location in a thriving area of Orange County. Built in 1949, the property offers significant upside potential in a rapidly developing neighborhood.

Location Insight

City

Costa Mesa

County

Orange

State

California

Longitude

-117.924

Latitude

33.6349